More than 1.7 million jobs could be cut in the Arab world in 2020, according to the United Nations Economic and Social Commission for West Asia (ESCWA).
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In 2020, the Arab world could lose more than 1.7 million jobs due to the coronavirus, warned the United Nations Economic and Social Commission for Western Asia (ESCWA) in a note assessing the cost of pandemic in the area.
According to ESCWA, this year’s unemployment rate is also expected to increase by 1.2 percentage points.
“The Arab region is losing jobs at an alarming rate due to the Covid-19,” said the commission.
The GDP of the countries in question could drop by at least $ 42 billion (about 39 billion euros).
The figures are likely to be more alarming if world oil prices continue to fall or stay at current levels for a long time.
10 billion euros lost between January and mid-March
The Commission said falling oil prices had already “cost the region nearly $ 11 billion (10 billion euros) between January and mid-March 2020”.
Over the same period, businesses in the region lost $ 420 billion (about 390 billion euros) in market capitalization, or about 8% of the overall market capitalization.
“Rapid action is necessary to start the recovery,” said ESCWA executive secretary Rola Dashti.
The spread of Covid-19 around the world
The number of people infected with coronavirus has increased to more than 255,000 worldwide.
In Algeria, the Ministry of Health reports 49 patients currently hospitalized, 32 cases of recovery and nine deaths.
Tunisia, which has already closed its maritime, land and air borders, has been under curfew since Wednesday 18 March from 6 p.m. to 6 a.m. (5 p.m. to 5 a.m. GMT).
Morocco, which remains relatively untouched by the virus, nevertheless set up a “state of health emergency” on Friday 20 March.
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